Here's what's new

Open enrollment for 2015 health care coverage begins November 15, 2014 and ends February 15, 2015. However, in order for your coverage to start on January 1, 2015 you need to enroll in a plan by December 15, 2014.

How it could impact you

If you can get a subsidy, you'll pay a lower monthly premium when you buy a plan in the health insurance marketplace.

If I qualify, do I wait until tax time to get the credit?

No. You can get it when you pay for your health insurance. It will be taken from your premium. The IRS will send the amount of your tax credit to the insurance company.

What if I buy a plan from an insurer?

You can still do that. Tax credits can only be used when you buy a plan in the marketplace.

Other than earnings, what else determines if I get a tax credit?

Number of people in your family

Your age

Where you live

These things also influence how large of a tax credit you get back.

*Keep in mind, if you're not eligible for a government-sponsored program, like Medicare or Medicaid, or other sources of minimum essential coverage, you may still qualify for financial support to lower your premium through a tax credit or subsidy if your income is between 100% and 400% of the federal poverty level.